Texas Business Organizations Code 21.760 – Compensation of Provisional Director
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(a) The compensation of a provisional director shall be determined by an agreement between the provisional director and the close corporation, subject to court approval.
(b) The court may set the compensation in the absence of an agreement or in the event of a disagreement between the provisional director and the close corporation.
Terms Used In Texas Business Organizations Code 21.760
- Close corporation: means a for-profit corporation that elects to be governed as a close corporation in accordance with Subchapter Texas Business Organizations Code 1.002
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002